SYDNEY, AUSTRALIA: Swoop Holdings Limited has agreed to acquire Speedweb, a wireless broadband provider in the Gippsland and Latrobe Valley areas of Victoria, for an enterprise value of $1.75million.
Speedweb offers fast and affordable high speed Wireless Broadband on its own network of over 50 towers and masts and has more than 1,800 services in operation.
Its network covers the major towns of Morwell, Moe, Traralgon, Trafalgar, Churchill, Newborough and Walhalla. The existing Swoop network borders the Speedweb fixed wireless network in West Gippsland and therefore provides opportunities to expand Swoop’s network across that region and capture additional market share.
Swoop CEO, Alex West stated, “Acquiring the neighbouring network in West Gippsland is a fantastic opportunity for Swoop, it will neatly increase the coverage of our existing regional infrastructure footprint. We look forward to the opportunities this acquisition provides in terms of expanding our market share in the Gippsland region and we welcome the Speedweb customers to Swoop”.
Bonitz Advisory is acting as Swoop’s M&A adviser on this transaction and Maddocks is acting as legal adviser.
Swoop Holdings Ltd ASX: SWP
0.94 AUD+0.030 (3.30%)today
21 Jun, 3:10 pm GMT+10 ·Disclaimer